Bankruptcy

Bankruptcy Help and Advice

At JMW, we understand the decision to file for bankruptcy is a last resort - an extremely big decision to make when your debts have spiralled out of control and you feel there is nothing else you can do to get out of the red.

Bankruptcy is not a solution for everyone - there are a number of other processes that may be better suited to your personal circumstances. For that reason, and because of the consequences of going bankrupt, you need to speak to a specialist for advice if this is something you are considering.

That's why our experienced team of insolvency solicitors are here to offer you bankruptcy advice that will help you choose the best route to follow when trying to solve your financial difficulties.

What is Bankruptcy?

Bankruptcy gives you a chance of debt forgiveness by using your assets, such as your possessions, property and income to make payments and contributions in settlement of your debts. To apply for bankruptcy, you - or your creditors, if they issue a petition against you - must go through the courts and pay bankruptcy fees.

Once your petition is accepted and a bankruptcy order has been issued, The Official Receiver or an Insolvency Practitioner will be appointed as your Trustee, and who will manage the process by taking control of your assets.

Consequences of Bankruptcy

Bankruptcy has a huge effect on the life of a bankrupt. For that reason, make sure you speak to a specialist who can explain in clear terms exactly what will happen.

Benefits of Bankruptcy

There are a number of reasons why someone might want to opt for bankruptcy over another debt management solution.